For an enterprise to track the growth of the company, the best way to assess the performance of your product, the most appropriate way is to evaluate the customer success. It is the most effective way to understand the version of the product and how well their customer understands the actual value of the product or services offered by the enterprise.
Are they using every possible facade of the product offered by your venture? Is the clientele happy and content with the product and services provided by your experience? Are they underutilizing significant areas of your enhancement or oblivious of particular functionality?
These comprehensions can assist the enterprise in grabbing invaluable information on how successful and satisfied the users are with the offered product. It can help guide the ventures to outline a roadmap as we advance and prevent future churn.
1. Customer Acquisition Cost (CAC) – Cost incurred by the venture when a new customer is onboarded.
2. Customer Churn – Percentage of customers lost by the venture in a considerable duration.
3. Customer Lifetime Value (CLTV) – Net profit accredited to the complete future association with the customer.
4. Customer Retention Cost (CRC) – Cost incurred by the venture while retaining the existing customer.
5. Customer Satisfaction (CSAT) – Metrics to gauge the customer satisfaction rate.
6. Days Sales Outstanding A financial ratio that gages the average collection period after-sales.
7. Existing Customer Growth Rate – A rate at which the venture's customer base expands over a specific period.
8. Loyal Customer Rate – A rate at which the venture's customer has purchased in a specific period.
9. Net Promoter Score – Metrics to gauge the customer's likelihood of recommending the product or the brand to their relatives.
10. Product Return Rate – A rate at which the customer has returned the product over a specific period.
11. Profitability Per Order – Metrics to gauge the profit earned per order.
12. Repeat Purchase Ratio – A rate at which the customer has purchased the product more than once over a specific period.
13. Revenue Churn – A rate at which the venture can identify the performance of the product.
14. Share of Wallet (SOW) – The dollar amounts an average customer shares with a particular brand rather than rival brands in the same product category.
15. Time Between Purchases – Metrics to gauge the average time required by the customer to purchase the product again from the venture.
With the help of the metrics mentioned, a venture can track the business's progression. The company collects these metrics through effective modes of communication, in which the most common and effective one is via email marketing automation through enterprise Email solutions.
Email Marketing provides ample opportunities for you to reach out to subscribers and build a consistent relationship.
Reach out to marketing@vfirst.com for any assistance and information.
